Celsius Holdings Inc (CELH) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Celsius Holdings first-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，早上好，歡迎參加 Celsius Holdings 2025 年第一季財報電話會議。（操作員指示）

I'd now like to hand the call over to Paul Wiseman, Investor Relations. Please go ahead.

現在我想將電話交給投資者關係部門的 Paul Wiseman。請繼續。

Good morning, and thank you for joining Celsius Holdings first-quarter 2025 earnings webcast. With me today are John Fieldly, Chairman and CEO; Jarrod Langhans, Chief Financial Officer; and Toby David, Chief of Staff. We'll take questions following the prepared remarks.

早安，感謝您收聽 Celsius Holdings 2025 年第一季收益網路廣播。今天與我一起的還有董事長兼首席執行官約翰·菲爾德利 (John Fieldly)、首席財務官賈羅德·蘭漢斯 (Jarrod Langhans) 和參謀長托比·戴維 (Toby David)。我們將在準備好的發言之後回答問題。

Our first-quarter earnings press release was issued this morning with all materials available on our website, ir.celsiusholdingsinc.com, and on the SEC site, sec.gov. An audio replay of this webcast will also be accessible later today.

我們的第一季財報新聞稿已於今日上午發布，所有資料均可在我們的網站 ir.celsiusholdingsinc.com 和美國證券交易委員會 (SEC) 網站 sec.gov 上查閱。本次網路直播的音訊回放也將於今日稍晚上線。

Today's discussion includes forward-looking statements based on current expectations and information. These statements involve risks and uncertainties, many beyond the company's control. Celsius Holdings disclaims any duty to update forward-looking statements, except as required by law. Please review our safe harbor statements and risk factors in today's press release and in our most recent filings with the SEC, which contain additional information and a description of risks that may result in actual results differing materially from those contemplated by our forward-looking statements.

今天的討論包括基於當前預期和資訊的前瞻性陳述。這些聲明涉及風險和不確定性，其中許多超出了公司的控制範圍。除非法律要求，Celsius Holdings 不承擔更新前瞻性聲明的任何義務。請查看我們今天的新聞稿和我們最近向美國證券交易委員會提交的文件中的安全港聲明和風險因素，其中包含附加資訊和風險描述，可能導致實際結果與我們的前瞻性聲明所預期的結果存在重大差異。

We'll present results on both a GAAP and non-GAAP basis. Non-GAAP measures like adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share and their GAAP reconciliations are detailed in our Q1 earnings release, and non-GAAP financial measures should not be used as a substitute for our results reported in accordance with GAAP.

我們將根據 GAAP 和非 GAAP 來呈現結果。我們第一季財報中詳細說明了非 GAAP 指標，例如調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的每股攤薄收益及其 GAAP 對賬，非 GAAP 財務指標不應替代我們按照 GAAP 報告的結果。

With that, I'll turn it over to John.

說完這些，我就把麥克風交給約翰。

Good morning, everyone, and thank you for joining us today. Celsius navigated a dynamic operating environment in the first quarter while continuing to invest in our core brand, product innovation and operational scale. We saw business fundamentals strengthen through the quarter and are encouraged by the positive momentum heading into Q2.

大家早安，感謝大家今天加入我們。Celsius 在第一季應對了動態的營運環境，同時持續投資於我們的核心品牌、產品創新和營運規模。我們看到本季業務基本面有所加強，並對第二季度的積極勢頭感到鼓舞。

While the Alani Nu acquisition now closed, continued gains in retail shelf space and strong international growth across both legacy and new markets, we are confident in our strategy and believe that we are well positioned to lead the modern energy category.

雖然 Alani Nu 收購現已完成，但零售貨架空間繼續增加，並且在傳統市場和新興市場都實現了強勁的國際成長，我們對我們的策略充滿信心，並相信我們有能力引領現代能源領域。

Energy drinks are evolving, no longer just an impulse purchase. Functional modern energy is becoming part of consumers' daily routines, lifestyles and pantry staples. Celsius is uniquely positioned to lead this evolution with a portfolio of leading brands built around fitness, functionality and better-for-you energy.

能量飲料不斷發展，不再只是衝動購買的商品。功能性現代能源正成為消費者日常生活、生活方式和食品儲藏室必需品的一部分。Celsius 擁有獨特的優勢，憑藉圍繞健身、功能性和更有益於健康的能源而構建的領先品牌組合，引領這一變革。

As previously announced, we successfully closed the acquisition of Alani Nu on April 1, adding a second billion-dollar brand to Celsius Holdings growing functional beverage platform. Together, we are well positioned to lead the modern energy revolution with great product innovation, an excellent network of distributors and retail partners and the team to pull everything together.

正如先前宣布的那樣，我們在 4 月 1 日成功完成對 Alani Nu 的收購，為 Celsius Holdings 不斷增長的功能飲料平台增添了第二個價值 10 億美元的品牌。憑藉著出色的產品創新、優秀的經銷商和零售合作夥伴網路以及齊心協力的團隊，我們有能力引領現代能源革命。

Celsius continues to pursue operational excellence to support this commitment. We appointed Eric Hanson, our first President and Chief Operating Officer, in March. Eric brings nearly three decades of food and beverage leadership experience, including senior roles at PepsiCo. We believe that his experience will help us drive operational excellence, scale and unlock greater efficiencies in our partnership with Pepsi, our largest customer and North American distribution partner.

Celsius 繼續追求卓越營運來支持這項承諾。我們在三月任命了 Eric Hanson 為我們的第一任總裁兼營運長。Eric 擁有近三十年的食品和飲料領導經驗，包括在百事可樂擔任高階職務。我們相信，他的經驗將幫助我們在與最大客戶和北美分銷合作夥伴百事可樂的合作中推動卓越營運、擴大規模並提高效率。

Our big beverages facility, now fully integrated, provides us greater manufacturing flexibility, faster innovation cycles, and it can accommodate a second production line in the future within its current footprint as demand scale for Celsius products and portfolio.

我們的大型飲料工廠現已完全整合，為我們提供了更大的製造靈活性、更快的創新週期，並且隨著對 Celsius 產品和產品組合的需求規模擴大，它可以在未來在其現有佔地面積內容納第二條生產線。

For the first quarter of 2025, revenue totaled $329.3 million, a 7% decline compared to the prior year quarter, reflecting three primary factors: slowed velocity in the first quarter, timing and structure of our US distributor incentive program and increased retail promotional programs. It's also important to remember that we were lapping a very strong first quarter in 2024 when we began nationwide distribution of Celsius Essentials and had elevated dedicated retail promotion takeovers providing strong tailwinds.

2025 年第一季度，收入總計 3.293 億美元，與去年同期相比下降 7%，反映了三個主要因素：第一季度速度放緩、美國分銷商激勵計劃的時間和結構以及零售促銷計劃的增加。同樣重要的是要記住，當我們開始在全國範圍內分銷 Celsius Essentials 並加強專門的零售促銷收購以提供強勁推動力時，我們在 2024 年第一季度取得了非常強勁的業績。

Adjusted EBITDA for the first quarter of 2025 was $69.7 million with a margin of 21.2%. Gross margin expanded 110 basis points to 52.3%, supported by sourcing efficiencies for raw and packaging materials. International revenue grew 41% to $22.8 million, demonstrating strong organic growth in our legacy markets as well as our newer expansion markets, including the UK, Ireland, France, Australia and New Zealand.

2025 年第一季調整後 EBITDA 為 6,970 萬美元，利潤率為 21.2%。受原物料和包裝材料採購效率提高的影響，毛利率擴大 110 個基點至 52.3%。國際收入成長 41% 至 2,280 萬美元，顯示我們的傳統市場以及英國、愛爾蘭、法國、澳洲和紐西蘭等新擴張市場都實現了強勁的有機成長。

As previously noted, we have a grounded approach to global expansion, but we are pleased to see the progress that has been made thus far, and would look for this component of our business to pick up in the future years as we expand further within new markets and adding additional markets.

如前所述，我們對全球擴張採取了務實的態度，但我們很高興看到迄今為止的進展，並希望隨著我們在新市場進一步擴張和增加更多市場，我們業務的這一部分在未來幾年內能夠有所回升。

In the US track channels, Celsius held a 10.9% dollar share for the 13 weeks ending March 30, 2025, according to Circana. We've held steady in category share despite a challenging consumer environment, increased competition and strong pricing action by other category players.

根據 Circana 的數據，在美國軌道通路中，截至 2025 年 3 月 30 日的 13 週內，Celsius 的美元份額為 10.9%。儘管消費環境充滿挑戰、競爭加劇且其他品類參與者採取強勢定價行動，但我們仍維持了穩定的類別份額。

Alani Nu retail sales increased 88% year over year, reaching a 5.3% share, up 221 basis points. Just last month, Alani Nu surpassed $1 billion in trailing 52-week retail sales. This extraordinary achievement reflects the strength of the brand's connection with consumers and the accelerating momentum in the better-for-you functional beverage space.

Alani Nu 零售額年增 88%，市佔率達 5.3%，上漲 221 個基點。就在上個月，Alani Nu 過去 52 週的零售額突破了 10 億美元。這項非凡成就體現了該品牌與消費者之間聯繫的緊密程度，以及在更有益於健康的功能性飲料領域的加速發展勢頭。

Combined, the Celsius Holdings portfolio captured a 16.2% dollar share in the quarter ending March 30, an 81-basis point increase year over year. Together, Celsius and Alani Nu accounted for approximately 20% of total energy drink category dollar growth in the first quarter of 2025, following a strong 50% contribution to total category growth in 2024.

總體而言，截至 3 月 30 日的季度中，Celsius Holdings 投資組合佔據了 16.2% 的美元份額，年增 81 個基點。繼 2024 年對整個能量飲料類別成長的貢獻達到 50% 之後，Celsius 和 Alani Nu 在 2025 年第一季合計貢獻了整個能量飲料類別約 20% 的美元成長。

We are focused on strengthening our core Celsius brand, accelerating sales, increasing velocity and growing our in-store presence with consumer-centric innovation and a new exciting marketing campaign that will begin this summer.

我們致力於加強我們的核心 Celsius 品牌，加速銷售，提高速度，並透過以消費者為中心的創新和將於今年夏天開始的令人興奮的全新行銷活動擴大我們的店內影響力。

As we look forward the second and third quarters this year, we expect to continue gaining incremental space at retail, helping to drive greater consumer awareness and flavor availability, including recent innovation like Celsius Playa Vibe, Retro Vibe, Mango Lemonade. According to Circana, our average item selling per store within the Celsius brand family increased by 4.1 items in MULO+ with convenience during the first quarter with even greater gains in the food and chain convenience channels, underscoring the continued expansion of our in-store presence.

展望今年第二季和第三季度，我們預計零售空間將繼續擴大，有助於提高消費者的認知度和口味的可用性，包括最近的創新產品如 Celsius Playa Vibe、Retro Vibe、Mango Lemonade。根據 Circana 的數據，第一季度，我們 Celsius 品牌系列每家門市的平均商品銷量在 MULO+ 便利商店中增加了 4.1 件，食品和連鎖便利商店通路的增幅更大，凸顯了我們店內業務的持續擴張。

This year's gains are particularly meaningful because they lap the strongest shelf reset cycle in our company's history, which were reported during our Q1 2024 earnings call. Dollar sales for sugar-free energy drinks surpassed full sugar varieties for the first time in 2024, and the incredible momentum of these better-for-you functional beverages drove 86% of category growth in Q1 2025. Celsius and Alani energy drinks and powders are 100% sugar-free, and we are leaders in this growing segment.

今年的漲幅尤其有意義，因為它們正處於我們公司歷史上最強勁的貨架重置週期，這些漲幅是我們在 2024 年第一季財報電話會議上報告的。2024 年，無糖能量飲料的美元銷售額首次超過全糖飲料，這些對身體更有益的功能性飲料的驚人勢頭推動了 2025 年第一季該類別增長 86%。Celsius 和 Alani 能量飲料和粉末 100% 不含糖，我們是這個不斷增長的領域的領導者。

Our Live Fit identity, health focus, aspirational, daily functionality deeply resonates with today's consumer. We believe that female consumers represent a large and underserved segment of the energy category, and Celsius is uniquely positioned here with a greater gender balanced consumer base. The addition of Alani Nu, a brand beloved by women, strengthens this advantage even further.

我們的「Live Fit」品牌定位、健康至上、充滿渴望的日常功能，深深觸動了當今消費者的心弦。我們認為，女性消費者在能量飲料領域佔據著龐大且尚未得到充分重視的群體，而Celsius憑藉其性別更均衡的消費者群體，在能量飲料領域佔據著獨特的地位。而深受女性喜愛的品牌Alani Nu的加入，更進一步強化了這個優勢。

Innovation continues to fuel our overall growth. In Q1 2025, we launched a new core Vibe and Essential flavors, and we expanded our multipack offerings, which now represent approximately 28% and 55% of our retail sales mix in MULO+ convenience and MULO+, further bolstering our place within the pantry and confirming that Celsius modern energy is going mainstream. Our launch of CELSIUS HYDRATION, a new line of 0 sugar, 0 caffeine electrolyte powder sticks, extends our brand into the fast-growing $1.4 billion hydration powder category.

創新持續推動我們的整體成長。2025 年第一季度，我們推出了新的核心 Vibe 和 Essential 口味，並擴展了多包裝產品線，目前多包裝產品分別佔 MULO+ 便利型和 MULO+ 零售額的約 28% 和 55%，進一步鞏固了我們在食品儲藏室中的地位，並確認 Celsius 現代能源正在成為主流。我們推出的 CELSIUS HYDRATION，一個新的 0 糖、0 咖啡因電解質粉棒系列，將我們的品牌擴展至快速增長的 14 億美元補水粉類別。

Food service continues to be a strategic growth channel for Celsius. In Q1 2025, we expanded into more than 1,800 Home Depot locations, increasing brand presence and every day on-the-go consumption moments. We also recently began rolling out Celsius in 18,000 subway locations nationwide, a significant win that enhances both distribution and visibility during meal occasions. These new points of availability reflect our growing role in functional daily energy. Foodservice now represents approximately 13.4% of North America sales through PepsiCo. And we see compelling runway ahead as we deepen our presence across work, retail and restaurant locations.

餐飲服務繼續成為 Celsius 的策略成長管道。2025 年第一季度，我們擴展到 1,800 多家家得寶門店，提高了品牌知名度並增加了每天的行動消費體驗。我們最近也開始在全國 18,000 家賽百味門市推出 Celsius，這是一個重大勝利，它提高了用餐期間的分銷和知名度。這些新的可用點反映了我們在日常功能性能源中所扮演的日益重要的角色。目前，餐飲服務約佔百事可樂北美銷售額的 13.4%。隨著我們在工作、零售和餐飲領域的影響力不斷擴大，我們看到了令人矚目的未來。

Our marketing initiatives continue to drive awareness and trial. Highlights in Q1 include: our NIL March Madness campaign with 136 athlete partnerships; the launch of Jayden Daniels as the first ambassador for CELSIUS HYDRATION; a targeted activation with MLB star, Juan Soto, to promote Playa Vibe at Walmart. We are increasing our marketing investments behind our core Celsius brand and our Live Fit identity. These investments will support our strategy of reaching more people in more places more often. Beginning this summer, you will see bold story-driven campaigns, showing how Celsius helps people live fit, achieve their goals, and align with wellness-driven lifestyles.

我們的行銷舉措持續推動知名度和試用度。第一季的亮點包括：我們與 136 位運動員合作開展的 NIL March Madness 活動；Jayden Daniels 成為 CELSIUS HYDRATION 的首位大使；與美國職業棒球大聯盟球星 Juan Soto 合作開展的有針對性的活動，在沃爾瑪推廣 Playa Vibe。我們正在增加核心 Celsius 品牌和 Live Fit 形象的行銷投資。這些投資將支持我們更頻繁地接觸更多地方更多人的策略。從今年夏天開始，您將看到大膽的故事驅動型活動，展示 Celsius 如何幫助人們健康生活、實現目標並適應健康驅動的生活方式。

Overall, we are pleased with the improvements in business fundamentals we saw exiting the first quarter and the momentum we are building into the spring and summer seasons. We believe Celsius Holdings is uniquely positioned to lead the modern energy category with a portfolio of brands that addresses the growing consumer demand for functional better-for-you beverages across energy, hydration, wellness occasions. With innovation, operational leverage, international expansion and strong retail partnerships, we are confident in our ability to drive sustained growth and value creation in 2025 and beyond.

總體而言，我們對第一季業務基本面的改善以及春季和夏季的勢頭感到滿意。我們相信，Celsius Holdings 擁有獨特的優勢，可以引領現代能量飲料領域，其品牌組合可以滿足消費者在能量、補水和健康場合對功能性健康飲料日益增長的需求。憑藉創新、營運槓桿、國際擴張和強大的零售合作夥伴關係，我們有信心在 2025 年及以後推動持續成長和價值創造。

Thank you. I'll now turn the call over to Jarrod to review our financial results in more detail. Jarrod?

謝謝。現在我將把電話轉給賈羅德，讓他更詳細地回顧我們的財務結果。賈羅德？

Thank you, John, and good morning, everyone. First-quarter revenue totaled $329.3 million compared to $355.7 million in the prior year period, representing a 7% decline. As John noted, revenue performance reflects soft Q1 velocity, the timing and structure of our main distribution partner incentive program, timing and breadth of our retail promotional allowances weighted later in the quarter and lapping the nationwide launch of Celsius Essentials in Q1 2024.

謝謝你，約翰，大家早安。第一季總營收為 3.293 億美元，去年同期為 3.557 億美元，下降 7%。正如約翰所指出的，收入表現反映了第一季度的疲軟速度、我們主要分銷合作夥伴激勵計劃的時間和結構、我們零售促銷津貼的時間和廣度在本季度後期加權，並與 2024 年第一季度在全國範圍內推出的 Celsius Essentials 相重疊。

Gross profit totaled $172.4 million compared to $182.2 million in the prior year period. The year-over-year gross margin expansion of 110 basis points to 52.3% was supported by sourcing efficiencies for raw and packaged materials. We are pleased with the continued expansion in gross margin even as we invest in growth and support our innovation.

毛利總計 1.724 億美元，而去年同期為 1.822 億美元。原物料和包裝材料採購效率的提高推動毛利率年增 110 個基點至 52.3%。在我們投資成長和支持創新的同時，我們對毛利率的持續擴大感到高興。

Selling, general and administrative expenses totaled $120.3 million compared to $99 million in the prior year. The increase reflects transaction-related expenses for the Alani Nu acquisition along with continued investment in global sales, marketing and organizational infrastructure.

銷售、一般及行政開支總計 1.203 億美元，而上年同期為 9,900 萬美元。這一成長反映了收購 Alani Nu 的交易相關費用以及對全球銷售、行銷和組織基礎設施的持續投資。

Non-GAAP adjusted EBITDA was $69.7 million for the quarter, representing a 21.2% margin compared to $88 million and 24.7% margin in Q1 2024, driven by the organizational investments. Net income attributable to common shareholders was $34.4 million or $0.15 per diluted share. Non-GAAP adjusted diluted EPS was $0.18 compared to $0.27 in the prior year period.

本季非公認會計準則調整後的 EBITDA 為 6,970 萬美元，利潤率為 21.2%，而 2024 年第一季的非公認會計準則調整後的 EBITDA 為 8,800 萬美元，利潤率為 24.7%，這得益於組織投資。歸屬於普通股股東的淨利為 3,440 萬美元，即每股收益 0.15 美元。非公認會計準則調整後稀釋每股收益為 0.18 美元，去年同期為 0.27 美元。

As of March 31, 2025, our balance sheet remains strong with $977 million in cash and no outstanding debt. It is important to note that these figures reflect our cash position prior to the close of the Alani Nu acquisition. In connection with the closing on April 1, we utilized a mixture of $900 million in debt, approximately $400 million in cash, with the remainder in stock to acquire Alani Nu, which will be reflected in the Q2 financial statements. We remain confident in our liquidity position and our ability to support future growth initiatives.

截至 2025 年 3 月 31 日，我們的資產負債表依然強勁，擁有 9.77 億美元現金且沒有未償債務。值得注意的是，這些數字反映了我們在 Alani Nu 收購完成之前的現金狀況。在 4 月 1 日的交易完成時，我們利用 9 億美元的債務、約 4 億美元的現金以及剩餘的股票來收購 Alani Nu，這將反映在第二季財務報表中。我們對我們的流動性狀況和支持未來成長計劃的能力仍然充滿信心。

Innovation continues to support growth and momentum across our retail channels. Recent innovation, including the Essentials line and multipacks, are contributing meaningfully to retail sales, and CELSIUS HYDRATION launched late in January is gaining early traction as we expand into the high-growth hydration powder segment. We believe that our distribution gains across the portfolio, positive spring shelf resets and expanded field sales and merchandising execution continue to position us well for the important summer selling season.

創新持續支持我們零售通路的成長和發展勢頭。最近的創新，包括 Essentials 系列和多包裝，對零售額做出了重大貢獻，而隨著我們向高成長補水粉領域擴張，1 月底推出的 CELSIUS HYDRATION 正在獲得早期關注。我們相信，我們整個產品組合的分銷收益、積極的春季貨架重置以及擴大的現場銷售和商品銷售執行將繼續使我們在重要的夏季銷售季節處於有利地位。

Looking ahead, our focus remains on improving velocity, expanding household penetration, growing share across functional beverage occasions and delivering operational efficiency through scale. We remain confident in our strategy and our ability to remain resilient through the uncertain economic times, thanks to our robust supply chain operations as well as mitigation strategies, which we are pursuing to best position us for long-term advantage.

展望未來，我們的重點仍然是提高速度、擴大家庭滲透率、增加功能性飲料的份額以及透過規模提高營運效率。由於我們強大的供應鏈營運以及緩解策略，我們對我們的策略和在不確定的經濟時期保持韌性的能力充滿信心，我們正在追求這些策略以使我們獲得長期優勢。

Before I turn it back over to the operator for questions, I want to mention that we are planning a public call this quarter to discuss modeling and general financial considerations for Alani Nu. Details will be communicated in advance. As a part of this call, we will put together pro forma views of our combined business and provide further insight around the purchase accounting impacts of the acquisition, such as inventory step-up and how that will impact Q2 as we sell through the inventory on hand at April 1 on the acquisition date as well as valuations around intangibles and fixed assets, which will result in increased depreciation and amortization.

在我將問題轉回給接線員之前，我想提一下，我們計劃在本季度舉行一次公開電話會議，討論 Alani Nu 的建模和一般財務考慮因素。詳情將提前告知。作為本次電話會議的一部分，我們將匯總合併後業務的備考意見，並進一步分析此次收購對會計的影響，例如庫存增加及其對第二季度的影響，因為我們將在收購日4月1日售出所有庫存，以及無形資產和固定資產的估值，這將導致折舊和攤銷增加。

With that, I'll turn the call back to the operator to open the line for questions.

說完這些，我將把電話轉回給接線員，以便開通熱線來回答問題。

(Operator Instructions) Kaumil Gajrawala, Jefferies.

（操作員指示）Kaumil Gajrawala，Jefferies。

We're seeing energy drinks as a category accelerate at a time where almost everything else in CPG seems to be going the other way. Just curious if you've dug into that or maybe just some details on what might be behind it.

我們看到，在幾乎所有其他快速消費品產業都在朝著相反方向發展的時期，能量飲料這一品類卻在加速發展。我只是好奇您是否深入研究過這個問題，或者只是想了解背後的一些細節。

You're seeing a lot of -- the first quarter was really good for the energy category. And even going into last year, still driving volume in dollars. So the energy category has been kind of resilient on both dollar and volumes over the last several years. I know we had pressure in Q3 and Q4. But Q1 was very strong, starting to see growth rates come back.

你會看到很多——第一季能源類別的表現非常好。即使進入去年，美元交易量仍在成長。因此，過去幾年來，能源類別在美元和交易量方面都表現出一定的彈性。我知道我們在第三季和第四季面臨壓力。但第一季表現非常強勁，成長率開始回升。

I think you're also -- these health and wellness trends and the amount of innovation we saw in the quarter coming from a variety of competition, I think, drove a lot of excitement for consumers to try, and that's where you're seeing some of these results here.

我認為你也——這些健康和保健趨勢以及我們在本季度看到的來自各種競爭的創新數量，我認為，激發了消費者的極大興趣去嘗試，這就是你在這裡看到的一些結果。

Okay. Got it. And then you mentioned many times in your prepared remarks on this focus on velocity. What specifically are you doing to increase those figures?

好的。知道了。然後您在準備好的發言中多次提到對速度的關注。您具體做了什麼來提高這些數字？

Well, when you look at the first quarter, we got off to a slow start. And we have more of a balanced approach this year. We took some key learnings last year. We're cycling a lot of innovation in the first quarter. If you look at the Q1 2024, we had probably the largest -- we did have the largest distribution gains as well as innovation launching and great support and promo activity as well with those -- some of those lead launches.

嗯，當你看第一季時，我們開局很慢。今年我們採取了更平衡的方法。去年我們學到了一些重要的知識。我們在第一季進行了大量創新。如果你看一下 2024 年第一季度，我們可能擁有最大的 - 我們確實擁有最大的分銷收益以及創新發布以及強大的支持和促銷活動 - 其中一些是領先的發布。

So we're cycling that, and we're a little bit softer in the back half of the year in 2024. And so this year, changing some of those strategies and key learnings, putting us into a more of a balanced approach. And then we're really leaning in. We're building programs around Live Fit, been doing a lot of research around the DNA of the brand and how we can resonate and bring more consumers into the category and really be a driver and continue to be a driver in the growing segment of sugar free.

因此，我們正在循環往復，到 2024 年下半年，我們的表現會稍微疲軟一些。因此，今年我們改變了一些策略和關鍵經驗，採取了更平衡的方法。然後我們就開始真正投入其中。我們正在圍繞 Live Fit 建立項目，對品牌的 DNA 進行了大量研究，研究如何引起共鳴並吸引更多消費者加入這一類別，真正成為並繼續成為無糖領域不斷增長的推動者。

(Operator Instructions) Peter Grom, UBS.

（操作員指示）瑞銀 (UBS) 的 Peter Grom。

So I just wanted to get some perspective on the first-quarter sales performance. I think, John, in the release, you mentioned retail sales growth of 2%. But can you maybe just bridge us to kind of the high single-digit decline in North America? I know you mentioned some promotional allowances, you have tough comps with Essentials.

所以我只是想了解第一季的銷售業績。約翰，我想，在新聞稿中你提到了零售額成長 2%。但您能否簡單地為我們介紹一下北美高個位數的下降趨勢？我知道您提到了一些促銷津貼，您與 Essentials 的競爭很激烈。

But is it seems like there's maybe another component that we need to kind of get or bridge to get to that decline in North America. So just if you can maybe walk through that or if you can quantify what those impacts were. And then I guess what I'm really trying to get at is, is there a way to kind of parse out what kind of the underlying shift trends or depletion trends were in the quarter after backing out all the noise? Thanks.

但似乎我們可能需要取得或彌補另一個因素才能解決北美的衰退問題。所以，如果可以詳細闡述一下，或是可以量化這些影響的話。然後我想我真正想要弄清楚的是，在消除所有噪音之後，有沒有辦法分析出本季潛在的轉變趨勢或消耗趨勢是什麼樣的？謝謝。

Yeah. No, Peter, like what we said, we had a slow start to the quarter. It was increased competition. We started to see velocities and improvement as we're exiting Q1. So we're very optimistic as we continue to move through and enter Q2.

是的。不，彼得，就像我們所說的那樣，本季我們的開局比較緩慢。競爭愈發激烈。當我們退出第一季時，我們開始看到速度和改善。因此，我們對繼續前進並進入第二季度感到非常樂觀。

When you look at some of the launches we had last year at some of the key retailers, they were substantial versus this year. You're looking at more of a balanced approach with some of the promotional activities versus retailers leaning in on one specific brand. So we were impacted by that. And then when you look at some of the promotional activities, you're also cycling some of the additional incentive for our distribution partner.

如果你看看我們去年在一些主要零售商處推出的一些產品，你會發現它們與今年相比有了很大的改進。您正在尋找一種更平衡的方法，即進行一些促銷活動，而不是讓零售商傾向於某個特定品牌。所以我們受到了影響。然後，當你看到一些促銷活動時，你也會發現我們為分銷合作夥伴提供了一些額外的激勵。

And we're looking at the inventory levels. I'll throw that over to Jarrod to comment on some of the supply chain and inventory levels and kind of what we're seeing there.

我們正在關注庫存水準。我將把這個問題交給賈羅德來評論供應鏈和庫存水平以及我們所看到的情況。

Yeah. So I mean, at the 10,000-foot view or the simple view, if you look at the scanner data, we were kind of at minus 4%, and then we ended from our books and records at minus 7%. You've got a couple of points in there from the promos and incentives. And then we've got a little bit of timing, not on the DSD, but more non-DSD where we saw a little bit of pipe filling in the back half of the year versus having the programs run in Q1. So within some of those categories, you saw good growth at scanner, but we did have a little bit of a load in Q4.

是的。所以我的意思是，從 10,000 英尺的高度或簡單的角度來看，如果你查看掃描器數據，我們會發現我們的損失大約為 -4%，而從我們的帳簿和記錄來看，我們的損失為 -7%。您從促銷和激勵措施中獲得了幾點收穫。然後，我們得到了一些時間安排，不是關於 DSD，而是關於更多的非 DSD，我們看到下半年有少量管道被填充，而程式在第一季運行。因此，在其中一些類別中，您會看到掃描器出現良好的成長，但我們在第四季度確實遇到了一些負擔。

And then there was some noise at the very end of the quarter. When it comes to depletions with our primary distribution network from across the COBOs and FOBOs, that optimization appears to be in good shape and didn't cause much noise in this quarter from what we can see.

然後在本季度末出現了一些噪音。當談到我們主要分銷網絡的 COBO 和 FOBO 的消耗時，從我們所看到的情況來看，這種優化似乎進展良好，並且在本季度沒有造成太大的噪音。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

John, I was hoping you could comment on pricing in the category. I think there's been a good amount of enthusiasm around the pricing that Monster has led on 75% of the portfolio. I think there's an expectation they'll price on the balance of it. But it seems like kind of a mixed picture, where Red Bull really hasn't followed in the past, that's led to some trepidation among investors, whether they will or not. Can you just comment broadly on pricing in the category, maybe, and what your plan is for the balance of the year, both from a pricing and promotion perspective, that would be appreciated. Thank you very much.

約翰，我希望你能對該類別的定價發表評論。我認為，人們對 Monster 主導的 75% 投資組合的定價表現出了極大的熱情。我認為他們預計會根據平衡情況來定價。但這似乎是一幅好壞參半的景象，紅牛過去確實沒有效仿，這導致投資者有些擔憂，不知道他們是否會效仿。您能否對該類別的定價進行廣泛的評論，以及從定價和促銷的角度對今年剩餘時間的計劃是什麼，我們將不勝感激。非常感謝。

Yeah, Kevin sure. Pricing, there's opportunities, and there's opportunistic opportunities to take additional pricing. We feel very confident in our brands. We want to be very cautious as well, keeping a close eye on the consumer. You're seeing consumers, some move from purchasing singles to purchasing at larger format with multipacks and looking for promos.

是的，凱文，當然可以。定價就有機會，並有機會獲得額外的定價。我們對我們的品牌非常有信心。我們也希望非常謹慎，密切注意消費者。您會看到，有些消費者從購買單件商品轉向購買更大包裝的多件商品，並尋找促銷活動。

So we are somewhat cautious as we move through the next several months and quarters about promotional activity. We want to be very aware of that and pay attention very closely to how the consumer is purchasing and their purchasing habits. I will say we did take pricing in Q4 last year. So that has been rolling through. And there's opportunities and opportunistic ways to leverage that as we're going through, we will. That does allow us to have additional flexibility with promotional activities as we're entering into somewhat uncertainty we feel with the consumer and some of the channels that we're operating in.

因此，在接下來的幾個月和幾個季度中，我們對促銷活動持謹慎態度。我們希望充分意識到這一點，並密切關註消費者的購買方式和購買習慣。我想說的是，我們去年第四季確實進行了定價。一切就這樣順利進行著。在我們經歷的過程中，我們會抓住機會，採取有利的措施來利用這一點。這確實讓我們在促銷活動方面擁有更多的靈活性，因為我們對消費者和我們經營的一些管道感到有些不確定。

Jon Andersen, William Blair.

喬恩安德森、威廉布萊爾。

I was wondering if you could put a little bit more color around the shelf space expansion you expect this spring. Obviously, you had a terrific kind of shelf reset last year. And could you talk a little bit -- or try and dimensionalize it, both for the core brand, Celsius, but also your expectations for kind of Alani Nu and how you may kind of activate the consumer around those gains this spring relative to kind of last year? Thanks.

我想知道您是否可以為今年春季預計的貨架空間擴展添加更多色彩。顯然，去年你進行了一次非常棒的架子重置。您能否稍微談一談 - 或嘗試將其具體化，既針對核心品牌 Celsius，也針對 Alani Nu 進行展望，以及您如何針對今年春季相對於去年的增長來激發消費者的興趣？謝謝。

Yeah, Jon. Great question. Right now, we do have -- as mentioned in the prepared remarks, we have some great innovation that we'll be rolling out. And that is our Playa Vibe, our Retro Vibe and Mango Lemonade for summer. So we expect that to gain additional placements.

是的，喬恩。好問題。現在，我們確實有——正如準備好的發言中所提到的，我們有一些偉大的創新即將推出。這就是我們的夏季 Playa Vibe、復古氛圍和芒果檸檬水。因此，我們期望能夠獲得更多的展示位置。

It's really also the secondary placements and display activities has been a really key for us. So as an example, gaining additional checkout coolers has been some really big wins that have been flowing through in some retailers, large national retailers, which we're really excited about, so making sure we have closer availability closer to that checkout so we can take advantage of those purchase, that app purchase, impulse purchase occasions. So that is really -- was really promising this year, the amount of cold placement we gained at checkout. So as that continues to fill out, that will provide additional velocity improvements as well, having that availability.

事實上，二次展示和展示活動對我們來說也非常重要。舉個例子，獲得額外的結帳冷卻器對一些零售商、大型全國零售商來說是真正的重大勝利，我們對此感到非常興奮，因此確保我們在靠近結帳處的地方有更近的可用性，以便我們可以利用那些購買、應用程序購買和衝動購買的場合。所以，今年我們在結帳時獲得的冷門位置數量確實很有希望。因此，隨著此過程的不斷完成，在具有這種可用性的情況下，也將提供額外的速度改進。

Looking at Alani, really excited about Alani. I think there's a lot of opportunities there, especially working closely with our key accounts team. And as we position and really get ready for buyer meetings in 2026, key account meetings, it's going to be really exciting, especially the momentum that they've had entering summer and going to be exiting summer. They just broke $1 billion of retail sales, which is just an amazing achievement. It's a great brand that's resonating with an extremely loyal female consumer base. And we're extremely optimistic about the distribution gains we'll be able to gain with the Alani portfolio.

看著阿拉尼，真的為阿拉尼感到興奮。我認為那裡有很多機會，尤其是與我們的大客戶團隊密切合作。當我們為 2026 年的買家會議和大客戶會議做好準備時，這將非常令人興奮，尤其是他們在進入夏季和即將結束夏季時所擁有的勢頭。他們的零售額剛剛突破10億美元，這是一個了不起的成就。這是一個偉大的品牌，引起了極其忠誠的女性消費者群體的共鳴。我們對透過 Alani 投資組合獲得的分銷收益非常樂觀。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

So John, I understand the new on-premise and other channels like home centers. But conversely, you had a steep decline at Costco. Did you lose distribution there? Or is there any destocking that you'd highlight? And I understand your base period was also down.

約翰，我了解新的內部部署和其他管道，例如家庭中心。但相反，好市多 (Costco) 的業績卻急劇下滑。你們在那裡失去了分銷管道嗎？或者您有什麼要強調的去庫存措施嗎？我還了解到您的基準期也下降了。

And a clarification for Jarrod on how much sales were down in North America, if you exclude the change in allowances year over year? I understand that you've been telling us that these allowances would increase. So then if we can do like an apples-to-apples or underlying growth, that would be super helpful. And if I can layer that as well on the destocking impacts that you might see related and trying to calculate the destocking vis-a-vis your sell-out?

如果不考慮同比配額的變化，能否向賈羅德解釋一下北美的銷售額下降了多少？我知道您一直告訴我們這些津貼會增加。因此，如果我們能夠進行同類比較或潛在成長，那將非常有幫助。我是否可以將其與您可能看到的去庫存影響進行分層，並嘗試計算去庫存與您的銷售之間的關係？

Okay. Excellent. Allowances, destocking and Costco.

好的。出色的。配額、去庫存和好市多。

When Peter was on, I just mentioned, if you look at kind of we were down roughly 4% on the scanner data. A couple of points to -- versus our minus 7%. A couple of points to get to that minus 7% was related to promos and incentives.

當彼得上場時，我剛才提到，如果你看一下掃描器數據，你會發現我們的數據下降了大約 4%。與我們的-7%相比，有幾點不同。達到減去 7% 這一目標的幾個要點與促銷和激勵措施有關。

When we're looking at Costco, if you're looking at the scanner data, it was up. We did run an [MVM] this quarter. When you run those, typically, you get a little bit of a pipe fill the quarter before or the month before. So that caused some of the noise within the system.

當我們查看 Costco 時，如果你查看掃描器數據，你會發現它上漲了。本季我們確實運行了 [MVM]。當您執行這些程式時，通常您會在前一個季度或前一個月得到一點管道填充。所以這導致了系統內部的一些噪音。

If you look at -- I'll throw something out there just in case it comes up. But if you look at kind of our revenue as a percentage of sales and our AR as a percentage of sales, there's a little nuance within Costco as well. That's just timing of payments, more of a working capital component, so no issues there.

如果你看一下——我會把一些東西扔到那裡，以防它出現。但如果你將我們的收入佔銷售額的百分比和應收帳款佔銷售額的百分比進行比較，你會發現 Costco 內部也存在一些細微差別。這只是付款時間，更多的是營運資金部分，所以沒有問題。

What was the --

什麼是--

Allowances.

津貼。

I talked about allowances with promos, talked about Costco, talked about timing.

我談到了促銷的津貼、談到了好市多 (Costco) 、談到了時間安排。

Destocking.

去庫存。

Not only at Costco, but in general. Yeah, sorry to interrupt. But just in general, the allowances total against -- because it's hard to calculate the allowances over a year. I mean, it's not disclosed, so we wanted to just like get a clarity on those.

不僅在 Costco，而且在其他地方都是如此。是的，抱歉打擾了。但一般來說，津貼總額是－因為很難計算一年的津貼。我的意思是，它沒有被公開，所以我們只是想弄清楚這一點。

Well, for this quarter, we said it was a couple of percentage points.

嗯，就本季而言，我們說這是幾個百分點。

Yeah. And on a sequential basis, though, I mean, I understand and it probably will be helpful for all of us to understand how the allowances will phase. And I understand this is going to be with us for the next -- at minimum, in the next three quarters. Is that fair?

是的。不過，從連續性的角度來說，我理解，這可能有助於我們所有人了解津貼將如何分階段實施。我知道這種情況至少會持續接下來的三個季度。這樣公平嗎？

So I hear what you're saying. So if we look out over the remainder of the year, you probably got a couple of points pressure in Q1 and Q2. And then it should flip in Q3 and Q4, where we'll benefit by a couple of points because we saw it go up a bit with some of the destocking last year. So first half of the year, you'll see a little bit of pressure from that. Back half of the year, when we're looking at year over year, you'll see benefit.

我明白你的意思。因此，如果我們展望今年剩餘時間，您可能會在第一季和第二季面臨一些積分壓力。然後它應該在第三和第四季度發生轉變，我們將受益幾個點，因為我們看到它隨著去年的一些去庫存而略有上升。因此，今年上半年你會看到一點壓力。回顧上半年，當我們回顧去年同期時，你會看到好處。

Right. And then on the couple of points of destocking, can you help us like kind of understand the phasing of it as well? Is that a similar impact?

正確的。然後，關於去庫存的幾個要點，您能否幫助我們了解其分階段實施的情況？這有類似的影響嗎？

So there wasn't destocking. So if you're looking year over year, and we're talking just promos and incentives, we talked about a couple of points this quarter, a couple of points next quarter, flipping to positive couple of points in Q3 and Q4. If you're looking at destocking when we talked about depletions within our DSD network, we said that it was pretty stable this quarter and ended up pretty stable as we ended the prior year as well. There was some timing and sequencing of non-DSD around club in Q4 into Q1 and a little bit of noise at the very end of our quarter, but nothing else to call out from that perspective.

因此，並沒有出現去庫存的情況。因此，如果你逐年回顧，我們談論的只是促銷和激勵措施，我們討論了本季度的幾個點，下個季度的幾個點，並在第三季度和第四季度轉向積極的幾個點。如果您在我們談論 DSD 網路內的消耗時考慮去庫存，我們說過本季庫存相當穩定，與去年年底相比也相當穩定。從第四季度到第一季度，俱樂部周圍出現了一些非 DSD 的時間和順序問題，而在本季度末也出現了一些噪音，但從這個角度來看，沒有什麼其他值得關注的。

And I'll just add, even with the percentage -- the allowances there, we were able to mitigate some of those allowances with a strong gross profit number for the quarter, which really flowed through to EPS, EBITDA as well.

我還要補充一點，即使有百分比——那裡的津貼，我們仍然能夠通過本季度強勁的毛利潤數字來緩解其中的一些津貼，這實際上也流入了 EPS 和 EBITDA。

Yeah.

是的。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Just one for me. I wanted to come back to gross margins, even with some of the increased incentives and allowances, gross margins were very strong. You called out some better sourcing efficiencies. Any other color you can add or especially just help us understand how sustainable that might be. Should we have any watchouts looking a little further ahead from aluminum or -- just a little help on kind of what drove the lift and where it might go from here?

對我來說只有一個。我想回到毛利率問題，即使有一些增加的激勵和津貼，毛利率仍然非常高。您提出了一些更好的採購效率。您可以添加任何其他顏色，或只是幫助我們了解其可持續性。我們是否應該對鋁價的未來走勢有所警惕，或者只是對推動鋁價上漲的因素以及未來走勢提供一些幫助？

Yeah. So in the near term or the short term, we're in great shape, as you saw with the margin profile. As we have scaled and create our orbit model and utilized our organizational structure, we've been able to benefit from a gross profit perspective.

是的。因此，從短期來看，我們的狀況良好，正如您從利潤率狀況中看到的那樣。隨著我們擴大規模並創建軌道模型並利用組織結構，我們已經能夠從毛利的角度獲益。

The aluminum, knock on wood, right now is not something that we see being significantly impactful to us. Unfortunately, we don't know where things will go with the tariffs and how those things are going to come into play long term. But in the short term, looking out at Q2, we see still strong gross profit numbers. I think we kind of pegged 50% for the year. We're not going to move off of that at the moment.

敲敲木頭，鋁現在對我們來說還沒有重大的影響。不幸的是，我們不知道關稅將會帶來什麼結果，也不知道這些因素將如何長期發揮作用。但從短期來看，展望第二季度，我們仍然看到強勁的毛利數字。我認為我們今年的目標定為 50%。目前我們不會放棄這個目標。

But really, as we look to the back half of the year, it's kind of an unknown in terms of what's going to happen from an inflation perspective or a tariff perspective. As we look at Q2, we're in good shape. Our structure set up well. Our scale has benefited us in the orbit model and infrastructure that our supply chain team is set up is really -- is coming through and it's set up as a long-term program to be sustainable.

但實際上，當我們展望下半年時，從通膨角度或關稅角度來看，情況將如何發展還是一個未知數。展望第二季度，我們的狀況良好。我們的結構建立得很好。我們的規模使我們受益於軌道模型，而我們的供應鏈團隊建立的基礎設施確實正在實現，並且它被設置為一個可持續的長期計劃。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

I wanted to ask about -- is there any formats or retailers where Alani Nu actually performs better than the core Celsius brand? And if so, how should we think about kind of utilizing the brands to maybe cross-pollinate each other and help get placement in retailers where one is stronger than the other?

我想問一下——Alani Nu 是否有任何形式或零售商的表現實際上比核心 Celsius 品牌更好？如果是這樣，我們應該如何考慮利用這些品牌進行相互影響，並幫助它們在一個品牌比另一個品牌更強大的零售商中獲得地位？

Yeah, Jim. We see great opportunities with both of our brands in the portfolio. Actually, all three, when you look at Celsius Essentials has performed well. A lot of opportunities as we continue to scale that as well as our core Celsius and then Alani. Specific locations, I think we need to really get that further into the system, really work on further pricing promotional activities.

是的，吉姆。我們認為我們投資組合中的兩個品牌都蘊藏著巨大的機會。實際上，從 Celsius Essentials 來看，這三款產品都表現良好。隨著我們繼續擴大規模以及我們的核心 Celsius 和 Alani 的發展，我們將獲得很多機會。具體位置，我認為我們需要真正將其進一步納入系統，真正致力於進一步定價促銷活動。

It's just entering convenience. There's a huge opportunity with Alani as we integrate it further within our Amazon teams and also restaurants and foodservice, college universities and opportunities we're working on right now through our distribution partners is further expanding within on-premise.

這只是進入便利。隨著我們將 Alani 進一步融入我們的亞馬遜團隊以及餐廳和餐飲服務、大學，Alani 擁有巨大的發展機會，我們目前正在透過分銷合作夥伴開展的工作機會正在進一步擴大內部範圍。

So a lot of opportunities there with both these portfolios. They have different consumer segments. We've talked about cannibalization. There's been a lot of big question prior. The cannibalization has been somewhat minimal according to our data from Circana. It's about a 15% crossover.

因此，這兩個投資組合都有很多機會。他們有不同的消費者群體。我們已經討論過蠶食問題。之前已經有很多大問題。根據我們從 Circana 獲得的數據，這種蠶食現象相當輕微。交叉率大約是 15%。

And some of the -- both these portfolios over index with some of the other leading brands that are out there within the category. So this portfolio is going to give us a really strong position to continue to drive growth in the category for years to come and leverage the tailwinds with health and wellness, also more female consumers coming -- are expected to come into the category than ever before if you go over the last decade. So we're really excited about our being well positioned for the future.

其中一些——這兩個投資組合的指數都高於該類別中的一些其他領先品牌。因此，這個產品組合將為我們帶來真正強大的地位，讓我們能夠在未來幾年繼續推動該類別的成長，並利用健康和保健方面的順風，而且如果回顧過去十年，預計會有更多女性消費者進入該類別。因此，我們對於自己為未來做好的準備感到非常興奮。

Can we get an update on branded cooler placements? And maybe thinking through the comment you just made about limited cannibalization. Is there an opportunity to have co-branded or cross-branded coolers that have both Alani and Celsius that would obviously be very visible in-store and minimal on the cannibalization side?

我們可以獲得有關品牌冷藏櫃位置的最新消息嗎？也許正在考慮您剛才關於有限蠶食的評論。是否有機會推出同時擁有 Alani 和 Celsius 標誌的聯合品牌或跨品牌冷藏櫃，這些冷藏櫃在店內會非常顯眼，並且相互之間的競爭最小？

Yeah. I mean, you're seeing that now in locations, a lot of grocery stores. I mean, all energy is kept in energy sets and energy coolers. So it is, a lot of times, Celsius. Alani are placed right next to each other, right next to Red Bull and Monster. So that is something standard in the industry.

是的。我的意思是，現在你可以在很多雜貨店看到這種情況。我的意思是，所有的能量都保存在能量組和能量冷卻器中。所以，很多時候，Celsius、Alani 被放在一起，緊鄰著 Red Bull 和 Monster。這是業界標準。

And the cooler placements, that's a huge focus for us. Gaining additional cooler placements is a big push, a big KPI for our sales team, replacing dedicated coolers. And as we're rolling in and partnering further and integrating Alani, we will be looking for -- we're evaluating co-branded coolers and/or dedicated coolers based on the retailers' footprint and space availability.

更酷的展示位置是我們關注的重點。獲得更多的冷卻器位置對於我們的銷售團隊來說是一個很大的推動力，也是一項重要的關鍵績效指標 (KPI)，可以取代專用的冷卻器。隨著我們進一步參與和合作並整合 Alani，我們將尋找 - 我們將根據零售商的足跡和空間可用性來評估聯合品牌冷卻器和/或專用冷卻器。

A lot of small format stores aren't able to take multiple coolers. We'd have to -- we'll work on a co-branded cooler. That's something that's in the works and then also more space and availability and opportunities to place dedicated coolers. That's always our priority number one.

許多小型商店無法容納多個冷藏箱。我們必須—我們將致力於開發聯合品牌的冷卻器。這是正在進行的工作，同時還將提供更多的空間、可用性和機會來放置專用冷卻器。這始終是我們的首要任務。

Gerald Pascarelli, Needham & Company.

傑拉爾德·帕斯卡雷利（Gerald Pascarelli），Needham & Company。

Just a question on your core portfolio. So as we look ahead on a stand-alone basis, it seems like you have a lot of tailwinds on the horizon. You have the new innovation, 15% to 20% shelf reset wins, easier comps and new marketing campaign, et cetera. So John, like taking all of those tailwinds, can you maybe just provide some color or talk about your level of conviction or confidence that we start to see core revenue trends improve from here? Any color there would be great. Thank you.

我只是想問一下你的核心投資組合。因此，當我們從獨立的角度展望未來時，似乎會發現有很多順風。您擁有新的創新、15% 到 20% 的貨架重置勝利、更容易的補償和新的行銷活動等等。那麼約翰，就像利用所有這些順風一樣，您能否提供一些資訊或談談您的信念或信心程度，即我們開始看到核心收入趨勢從現在開始改善？任何顏色都很棒。謝謝。

Yeah, Gerald. I mean, you're spot on. I mean, the tailwinds look really favorable, especially after we get through really the next three to -- really the four to five weeks is kind of the peak revenue hurdles that you're seeing on a week-over-week basis or versus the prior year. Once we get into really June, you'll start to see some much easier comps that we'll have to -- that Celsius will be cycling. And the improvement in velocity that we've been seeing also is giving us strong conviction as we continue to build upon the consumer health and wellness trends that are out there. The category has come back to really strong growth.

是的，傑拉爾德。我的意思是，你說得很對。我的意思是，順風看起​​來真的很有利，特別是在我們度過接下來的三到四到五週之後，這四到五周是收入高峰期，與前一年相比，我們會每週都看到這種高峰。一旦我們真正進入六月份，你就會開始看到一些我們必須進行的更容易的比較——攝氏度將會循環。我們看到的速度的提高也給了我們強烈的信心，讓我們能夠繼續鞏固現有的消費者健康和保健趨勢。該類別已恢復強勁成長。

We know we have -- both our brands and our portfolio have really strong brand positions that are aligned with consumers. Fundamentals are improving. Look at gross profit improvements, the acquisition of Big Beverage, the leverage of our infrastructure, as Jarrod talked about, with the orbit model, driving efficiencies with both these brands coming together and leveraging a strength of the portfolio versus going singularly into the category.

我們知道我們的品牌和產品組合都擁有與消費者保持一致的強大品牌地位。基本面正在改善。看看毛利的提高、對 Big Beverage 的收購、我們基礎設施的槓桿作用，正如 Jarrod 談到的，透過軌道模型，將這兩個品牌結合在一起，利用產品組合的優勢而不是單獨進入該類別來提高效率。

Now we'll be able to do a variety of additional pricing promotional strategies that we weren't able to do prior. And we're really excited on where we're headed. And the core fundamentals of our core portfolio, Celsius, you're right, Gerald, that does have a lot of tailwinds as we're entering summer in the back half of this year.

現在，我們將能夠實施各種以前無法實施的額外定價促銷策略。我們對我們的未來發展方向感到非常興奮。而我們核心投資組合的核心基本面，攝氏度，你說得對，傑拉爾德，隨著我們進入今年下半年的夏季，它確實有很多順風。

Sean McGowan, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Sean McGowan。

I was hoping you could talk a little bit about international. How is that market by market going relative to your expectations? It seemed like that was pretty strong in the quarter?

我希望您能談談國際議題。相對於您的預期，各個市場表現如何？看起來本季的表現相當強勁？

Yeah. International, we've always been very cautious, cautiously optimistic. It's all about timing and sequencing and really following our strict strategic approach on entering new markets. And the international expansion in these new markets has been well received, better than initially expected. Also entering new markets, you need to be very cautious.

是的。在國際上，我們一直非常謹慎，謹慎樂觀。一切都與時機和順序有關，並且真正遵循我們進入新市場的嚴格策略方針。這些新市場的國際擴張也受到了好評，比最初預期的要好。進入新市場時，你也需要非常謹慎。

It's difficult. It's highly competitive, as we all know. But the acceptance has been well received, Australia, New Zealand. We launched with specific key retailers. The new consumers coming into the category, additional share from other players within the category was really great to see.

它很難。眾所周知，競爭非常激烈。但澳洲、紐西蘭等國對此表示歡迎。我們與特定的關鍵零售商合作推出了該產品。看到新消費者進入該類別，看到該類別中其他參與者的額外份額，真是令人高興。

So we're rolling out a variety of other retailers. International will be a growth area for us. There will be additional markets and opportunities as we go through 2026 and '27 and beyond. Right now in 2025, we're very much focused on these core markets that we've launched last year and Q4, and continuing to roll that out and build upon and drive a loyal consumer base. Our goal is to drive daily consumption and the same health and wellness trends we're seeing in North America, these are global trends.

因此我們正在推出各種其他零售商。國際將成為我們的一個成長領域。隨著我們進入 2026 年、2027 年及以後，將會有更多的市場和機會。現在，也就是 2025 年，我們非常專注於去年和第四季推出的這些核心市場，並持續推廣、建立和推動忠誠的消費者群體。我們的目標是推動日常消費以及我們在北美看到的相同的健康和保健趨勢，這些都是全球趨勢。

And the world right now is one click away within our social media and influencers and a lot of the campaigns we're running. We're getting much broader reach as the world has gotten extremely small. So really excited about the future that we see on our international expansions and opportunities.

現在，透過我們的社群媒體、有影響力的人以及我們正在進行的許多活動，只需點擊一下滑鼠，就能了解世界。隨著世界變得越來越小，我們的影響力也越來越廣。我們對未來的國際擴張和機會感到非常興奮。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Jarrod, I wanted to go back to the gross margin, gross profit, if I could, because I appreciate the prudence and just the allowances for the unknown going forward in this environment. But I guess, are there any kind of known headwinds that you would call out in terms of reasons for sequential moderation in the gross margin from where we saw in Q1 land?

賈羅德，如果可以的話，我想回到毛利率和毛利的話題上，因為我欣賞這種環境下的謹慎和對未來未知因素的考慮。但我想，從第一季的毛利率連續下降的原因來看，是否有已知的不利因素？

I think the 50% number you called out for the year was a base business number? And I'm sure we'll hear more on the Alani Nu modeling call later in the quarter. But any considerations there as we think about how that layers in from a gross profit perspective, that would be helpful, too. Thank you.

我認為您所說的今年的 50% 是一個基本業務數字？我相信我們會在本季度稍後聽到有關 Alani Nu 建模電話會議的更多消息。但是，當我們從毛利角度考慮這一點時，任何考慮都會有所幫助。謝謝。

Yeah. Thanks for clarifying that. You're right. That was the Celsius core business margin that I was referring to. We'll do a call later in the month or early June to call out kind of what the impacts will be with the Alani getting rolled into from a consolidation perspective. There will be some noise around the inventory step-up for the quarter as we turn through the inventory that existed at 4/01 when we acquired the business, that's really just a purchase accounting issue more than anything.

是的。感謝您澄清這一點。你說得對。這就是我所指的 Celsius 核心業務利潤率。我們將在本月稍後或 6 月初召開一次電話會議，從整合的角度闡述 Alani 的納入將產生哪些影響。當我們處理 4 月 1 日收購該業務時存在的庫存時，本季庫存增加可能會產生一些噪音，這實際上只是一個採購會計問題。

In terms of the core business, I think, like we said, we're comfortable with kind of where we are for the quarter. Q3 and Q4 is a little harder to tell, a little hard to draw a line in the sand on that one because there's still a lot of activity going on. There could be opportunities for improvement or could be opportunities for further pressure. I think the structure we have set up today is good. It's a good robust supply chain. But again, if different things that the government does are going to impact that, we'll come out and let you know. I think that's all we're going to say at the moment when it comes to Alani.

就核心業務而言，我認為，就像我們所說的那樣，我們對本季的狀況感到滿意。Q3 和 Q4 有點難以區分，也有點難以劃清界限，因為仍有許多活動在進行。可能存在改進的機會，也可能有進一步施壓的機會。我認為我們今天建立的結構很好。這是一個良好而強大的供應鏈。但同樣，如果政府採取的不同措施將對此產生影響，我們會立即通知您。我想這就是我們現在關於阿拉尼要說的全部。

I think I said back on the 2/20 call, that they're about 18 to 24 months behind us in terms of our P&L profile, put the inventory step up aside. So they would be kind of where their structure would be, it would be kind of mid-40s or probably the low end of mid-40s that we'll work up to get to the same profile as us from a gross profit perspective, and then we'll get more into the nitty gritty when we have the modeling call and show some pro forma views around 2024 and go forward.

我記得我在 2 月 20 日的電話會議上說過，就我們的損益狀況而言，他們落後我們大約 18 到 24 個月，把庫存增加放在一邊。因此，他們的結構大概是這樣的，大概在 45 左右，或者可能是 45 左右的低端，我們會努力從毛利潤的角度達到與我們相同的水平，然後，當我們進行建模調用時，我們會更深入地了解細節，並展示一些 2024 年左右的預測觀點，然後繼續前進。

Thank you. I'd now like to hand the call back over to Chairman and CEO, John Fieldly. Please go ahead.

謝謝。現在我想將電話轉回給董事長兼執行長約翰·菲爾德利。請繼續。

Thank you again for joining us today. We're proud of the continued progress we've made and energized by the opportunities ahead. With strong brands, focused strategy and growing global momentum, we believe Celsius Holdings is well positioned to lead the next phase of growth in the modern energy category. I also want to thank our employees and partners around the world for their dedication and commitment. Their efforts continue to power our success. We appreciate your continued support and look forward to updating you again next quarter. Grab a Celsius and Live Fit.

再次感謝您今天加入我們。我們為過去所取得的持續進步感到自豪，並為未來的機會注入新的活力。憑藉強大的品牌、專注的策略和不斷增長的全球發展勢頭，我們相信 Celsius Holdings 已做好準備，引領現代能源領域的下一階段成長。我還要感謝我們在世界各地的員工和合作夥伴的奉獻和承諾。他們的努力繼續推動著我們的成功。我們感謝您一直以來的支持，並期待下個季度再次為您提供更新資訊。喝一杯攝氏的飲料，活出健康的生活。

Thank you for attending today's call. You may now disconnect. Goodbye.

感謝您參加今天的電話會議。您現在可以斷開連線。再見。